The banks make money, piles of it, by milking customers for two transactions for every check – one for the deposit and one for the transfer of funds.

Bank of Israel Supervisor David Zaken ordered a stop to the procedure on Monday, leaving customers to be billed for only once charge per check, Globes business newspaper reported.

Zaken also ordered reforms in the area of stock exchange transactions.

About the Author:Tzvi Ben Gedalyahu is a graduate in journalism and economics from The George Washington University. He has worked as a cub reporter in rural Virginia and as senior copy editor for major Canadian metropolitan dailies. Tzvi wrote for Arutz Sheva for several years before joining the Jewish Press.

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